Virgin Money has unveiled a range of new build mortgage products.

It has also changed its new build lending policy.

The range of residential new build products includes the following:

• Two-year fixed rate at 90% LTV at 2.19% (£995 product fee, £300 cashback)
• Three-year fixed rate at 90% LTV at 2.44% (£995 product fee, £300 cashback)
• Five-year fixed rate at 90% LTV at 2.85% (£995 product fee, £300 cashback)

Existing products remain available for new build houses up to 85% LTV, and flats up to 75% LTV.

Meanwhile, the maximum LTV on new build residential houses has increased from 85% to 90%.

In addition, new build mortgage offers will now be valid for seven months, with an option to extend open offers for a further seven months where the construction of the property is not completed.

Andrew Asaam, director of mortgages at Virgin Money, said: “Our range of 90% LTV new build mortgages will provide a competitive option for clients considering a new build property. Following feedback from our new build intermediary partners and builders, we have also further enhanced our proposition to cater for clients that need extra flexibility.”